Gold Prices Making Higher Lows
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Featuring views and opinions written by market professionals, not staff journalists.
The metals continue to pick up strength and look like they are getting ready to blast off. The key here is not to be too impatient and force the trade too early. There will be plenty of time to enter, but the key levels right now are $1,220-$1,240.
After breaking out to the upside a couple of weeks ago, gold has found new support within its new consolidation range. The action has been bullish and indicates another breakout to the upside is coming.
There is no way to know when the breakout will appear; however, we can look for certain characteristics to be prepared. If you are aggressive, you can look at $1,225 as an entry, using below $1,220 as an exit. The pattern looks good, and we expect higher prices.